Inventory valuation rule requires inclusion of actual taxes and lower of cost or net realisable value for tax computation. The substitution prescribes that for business income purposes inventory and related transactions be valued per income computation and disclosure standards, generally at lower of actual cost or net realisable value, with taxes, duties, cesses or fees actually paid included in valuation. Securities not listed or irregularly quoted are valued at initial actual cost; other securities are valued category-wise at lower of cost or net realisable value. An explanation deems payments described as tax, duty, cess or fee to include such amounts notwithstanding any consequential rights.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Inventory valuation rule requires inclusion of actual taxes and lower of cost or net realisable value for tax computation.
The substitution prescribes that for business income purposes inventory and related transactions be valued per income computation and disclosure standards, generally at lower of actual cost or net realisable value, with taxes, duties, cesses or fees actually paid included in valuation. Securities not listed or irregularly quoted are valued at initial actual cost; other securities are valued category-wise at lower of cost or net realisable value. An explanation deems payments described as tax, duty, cess or fee to include such amounts notwithstanding any consequential rights.
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